NTPC Limited and National Aluminium Company Limited (NALCO) have signed a Memorandum of Understanding (MoU) for power generation. A 2400 MW coal based power project will be established at Gajmara, Dhenkanal in Odisha and supply captive power for expansion plans of NALCO at Angul and also greenfield project at Kamakhyanagar in Dhenkanal, Odisha.

Power minister Piyush Goyal said that in coming days the demand for aluminium shall increase many folds in the rapidly growing Indian economy and the projects led by companies shall take forward the Make in India initiative bringing jobs and opportunities for the people of Odisha.

He lauded the turnaround capability of NTPC by running nearly 50-year-old Talcher Thermal Power Station.

Minister of state Dharmendra Pradhan said that mineral rich state of Odisha is now getting its due with many new industries being set up in the state. He said this JV of NALCO and NTPC is an ideal tie up of two companies and advocated setting up of more industries bringing state of the art technologies to Odisha.

The two leading central public sector companies are synergising their respective domain expertise to fuel the economic growth of India. The joint venture agreement and power purchase agreement shall be fast tracked and be in place by the end of the current financial year, a press release said.